1. Review the Annual Report for Verizon Wireless and explain how inventory is presented on the balance sheet and what further information you found in the footnote disclosures about the inventory method and "Impairment of Inventory", if any.
2. Perpetual and the Periodic Inventory System. Regardless of which system is used, under both, we need to assign dollar amounts to the Ending Inventory and Cost of Goods Sold so that we can trace how costs flow through the system. Start by identifying what is included in inventory and then discuss how each item might be treated differently in the Perpetual vs. the Periodic Inventory System.
3. What is inventory shrinkage? How can we keep this to a minimum?
4. What types of products would work well using the specific identification method?
Need about 150-250 words response to each question. Will include a tip if I can get the answer back with in 2 hours